Statutory Audit for
Saudi Arabia

IMAK Advisory is an ICAI-registered firm of chartered accountants in Whitefield, Bengaluru, carrying out statutory audits of private limited companies, one person companies, public companies, LLPs and not-for-profit entities across India. Every company must have its financial statements audited each year under the Companies Act, 2013, whatever its turnover, and an LLP needs an audit once its turnover crosses ₹40 lakh or its contribution crosses ₹25 lakh.

A statutory audit ends with the auditor's report to the shareholders: an opinion on whether the accounts give a true and fair view, followed by reporting on matters under Section 143, the CARO 2020 annexure where it applies, internal financial controls where required, and the audit trail in your accounting software. Each report is signed by the engagement partner and carries a UDIN that can be verified on the ICAI portal.

The rules on who may audit you exist to protect your shareholders. The first auditor is appointed by the board within 30 days of incorporation, later auditors at the AGM for five years with Form ADT-1, and the auditor must be independent of the company and its directors. A statutory auditor also cannot keep your books, act as your internal auditor or provide certain other services to the same company, so we tell you at the start which work another firm must do.

The revised small company limits from 1 December 2025 – paid-up capital up to ₹10 crore and turnover up to ₹100 crore – take many private companies out of CARO and auditor rotation. We check your company against the current definitions each year before planning the work. For larger companies, we also confirm early whether internal financial controls must be reported, so that key controls are documented and tested in time.

A statutory audit is often confused with a due diligence audit report, which is prepared for a buyer, investor or lender before a transaction. A due diligence audit report format usually covers quality of earnings, working capital, net debt, tax exposures and legal compliance, and has no fixed legal structure. We do not share real reports as a due diligence audit report sample, because they hold confidential data, but we can show an illustrative outline and refer you to our due diligence team.

A smooth audit starts before the year end: reconcile bank and party accounts, count inventory and cash, update the fixed asset register, pay statutory dues and keep board minutes signed. Companies that close their books properly finish faster and with fewer surprises, and boards that agree a closing calendar with management – reconciliations, inventory count, draft accounts and board meeting dates – rarely find themselves rushing to meet the AGM deadline.

We do not publish fees; our team shares the exact total after reviewing your trial balance and scope. Visit us at ITPL Main Rd, Pattandur Agrahara, Whitefield, Bengaluru, Karnataka 560066, call or WhatsApp +91 79798 50684, or email imakadvisoryteam@gmail.com, and the IMAK Advisory team will confirm independence, the reporting that applies to you and a timeline that fits your AGM.